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  • Operations:
  • Ok so we know what’s in a bank but the question that’s on lots of people’s lips is what about the credit crunch - how does that affect me? Let’s have a look …. Morgan Stanley Hasn’t opened its full-time hiring process yet, but says most of its places have been filled by summer interns. Lehman “ very little broad generalist need” for full-time analysts in 2009. focus on filling gaps rather than hiring wholesale. “We may have specific language needs or decide we need juniors who are particularly quant or sales focused,” Horton added. Merrill Lynch Merrill still appears to have places across a number of front-office divisions. The bank’s graduate careers site suggests that in London it’s looking for students to join full time in 2009 in sales, trading and structuring, capital markets, corporate finance and IT. Dresdner Kleinwort - no hiring programme Deutsche Bank Deutsche’s London openings are limited. The bank’s student website says it’s open to full-time analyst applications for various support functions, but not for investment banking (M&A/corporate finance) or markets (ie, sales and trading). Recruiters say the bank is engaged in “graduate headhunting” for candidates with specific skills to fill positions globally – and is looking for next year’s interns. JPMorgan not hiring graduates in the UK for full-time markets roles. The good news is that they do appear to be hiring for various asset management positions and investment banking – as well as finance (accounting), operations and technology. UBS UBS’s website shows that it’s hiring full-time analysts in London for investment banking (ie, M&A/corporate finance), risk, HR, IT and into the COO’s office. doesn’t appear to be hiring for markets roles. Head of graduate recruitment expects that 30% of the bank’s full-time positions for 2009 will still be available after places have been allocated to last summer’s interns.
  • If a second year - do all you can to secure an internship this summer as reports show that filling up jobs with interns first - rather than the broader view taken before. Also hiring less = less competitive so get ahead! Final year - you need to work harder to get your job = more networking, more research into roles and why you want to do them, tighter CVs / applications: so look at that in a second. Whatever stage you are at ask yourself Think about whether you really want to enter the industry at this particular time? Move back into banking once things stabilised and meanwhilst work in an area which gets you finance exposure and more skills? Could you do another finance role where jobs available, using similar skills? NEED TO BE FLEXIBLE! Remember we are maybe only talking about your first job - your first couple of years - no reason why can’t move into banking after that.
  • Opportunities are still out there but in unexpected places so you need to keep up to date with the news - read the papers, read the web…. and if you are willing to take jobs outside investment banking but related then are opps: Barclays generate up to 240 finance jobs in the city by recruiting 24 account consultants every month for the next ten months Swinton has already purchased companies which has contributed to an increase in revenues of 86 per cent for Swinton Commercial. By purchasing more companies in the coming years, Swinton hopes to double its workforce from 200 finance jobs to 400.
  • Transcript

    • 1. Working in An Investment Bank Careers Adviser Abi Sharma
    • 2. Aim of Today
      • An overview of the different job roles you can do
      • What role would you suit?
      • Current job market
    • 3. The Investment Bank
      • People use retail banks to borrow,
      • save and manage their finances.
      • Investment banks help large
      • companies do the same thing.
    • 4. What are the Front Office divisions? Banking Secondary Markets M&As Corporate Finance FX Trading Sales Transaction services Project finance Asset Finance Equity Fixed Structuring Capital Income Markets Markets Primary Capital Corporate Markets Banking
    • 5. The Divisions
      • Imagine you’ve built a successful manufacturing company.
      • You want to go global.
      • What would you need from a bank?
    • 6.
      • To borrow money for equipment, materials
      • and running costs
      • The Corporate Banking division would
      • provide you with a loan and act as the
      • long-term relationship manager and
      • conduit to other services.
    • 7.
      • To handle cash flow effectively
      • Transaction Services would manage your company’s cash flow, a bit like a current account, except the balance could be billions of dollars!!
    • 8.
      • To buy another company
      • Mergers & Acquisitions (M&A) would help you to buy up or merge with another company.
      • - roles: start as analyst then progress. Can specialise on particular sector e.g. oil & gas
    • 9.
      • To raise money for growth through selling shares
      • Equity Capital Markets would list your company on the stock market, find you buyers for the shares and underwrite
    • 10.
      • So, your company’s getting larger…
      • but you want to continue to expand. What do you need
      • next?
      • More money….
      • … basically
    • 11.
      • You need to fund debt more cheaply
      • Fixed Income/Debt Capital Markets will help you get a larger loan via bonds or a syndicated loan
    • 12.
      • Fund a long term project
      • Project Finance will lend you money against the future income of the completed project.
    • 13.
      • Replace key equipment across all your branches
      • Where you need large items which add value to your company, Asset Finance will buy these items ( ‘assets’) and lease them to you.
    • 14.
      • … manage your now considerable (!) personal wealth
      • Private Banking will manage your investments, liabilities and responsibilities.
    • 15. Other Capital Markets roles
      • Structuring: this creating, marketing, buying and selling the full range of derivatives (including futures, options, swaps and credit derivatives).
    • 16. Derivatives traders at the Chicago Board of Trade, established in 1848 – the world's oldest futures and options exchange.
    • 17.
      • Sales and Trading
      • Sales advise clients on which financial products to invest in or to sell and traders buy and sell them on behalf of clients.
      • Equity Research provide clients and colleagues with the best possible information on market trends and investment opportunities: so this supports the sales and trading roles.
    • 18.
      • The Foreign Exchange team does deals on behalf of clients (including pension fund holders/hedge fund managers) on the Foreign Exchange Market (FX). FX is about predicting how economics factors cause currencies to rise or fall.
    • 19. Middle Office
      • Credit Risk Management assess and evaluates the risk involved with each of the bank’s products.
    • 20. Back Office
      • Information Technology provides the competitive tools of the trade for everyone in a bank, from salespeople to researchers.
      • Operations make the transactions actually happen. Once trading is complete They clear, settle and execute hundreds of thousands of deals every day, worth billions of dollars.
    • 21.
      • Good intro to investment banking divisions at:
        • www.bankingbasics.citigroup.com/buildabank /
      • www.wikipedia.org will explain new terms as will the jargon buster at the back of ‘All you need to know about the City’
      • More detail from the Vault Guide to Investment Banking and Finance
      • www.efinancialcareers.com
      • Then start reading the Financial Times and Economist regularly.
    • 22. Current Job Market for 2009
      • Morgan Stanley: Places filled by interns
      • Lehman: Who knows?!
      • Merrill Lynch: Hiring for selected positions
      • Dresdner Kleinwort: Not hiring
      • Deutsche Bank: Analyst positions not banking / markets
      • JPMorgan: Selective hiring
      • UBS: 30% of places available after interns
    • 23. Where does that leave me?
      • Think broader in finance:
        • Locations other than london?
        • What other areas still have opportunities?
          • Accountancy, Advisory Services, Brokering
        • What other areas are growing?
          • Risk analysis, risk management /actuarial, insurance
    • 24. Read the News!!!
      • “ Hundreds of finance jobs will be created in Liverpool in the coming months after Barclays announced a recruitment drive, according to reports.” www.cv-library.co.uk, 9 October 2008
      • “ Up to 200 finance jobs will be created in a period of five years after insurance firm Swinton Group announced it is aiming to increase the size of it commercial division through acquisitions. www.cv-library.co.uk, June 2008
    • 25. Application Tips
      • Question: Why this business line?
      • Structure – try 3 reasons, 3 paragraphs
      • Think concrete evidence; avoid the vague
      • They want to see (a) evidence you know what you’d be doing in this role (b) you’d enjoy it and (c) you have started to demonstrate the skills required
      • Style – keep sentences short, don’t waste words, do you really need that joining word (e.g. “also”, “in addition”, “furthermore”)?
    • 26. Good example…
      • Why this business line?
      • “ Sales & Trading would suit me for three reasons. Firstly , I enjoy visibility and accountability . I discovered this through representing my year group on the School committee. I took a petition for change to time-tabling to the autumn meeting, presented to the Faculty Dean and twelve senior academics. Time tabling in term two has been changed as a result. Secondly, I think quickly. I demonstrated this when…”
      Know what role involves Enjoy/skills
    • 27.
      • Question: Why this bank?
      • Be particularly careful to avoid the vague and cliched “You have a great reputation”, “You are a market leader” How can you prove this? Why is this important to YOU?
      • Banks want to know (a) you’ve researched what makes them different (so talk to people there via recruitment events or contacts, Google search them, read their website including case studies…) and (b) what links you to them.
      • Reference anything you’ve learned about them – where did you learn it?
      • Think about their culture, specialist areas, approach to training. Definitely talk about any exposure you’ve had to them via recruitment events, work experience – what has this taught you?
    • 28. Good example…
      • Why this bank?
      • “ When talking to an X Bank representative at the SOAS Graduate Jobs Fair, I was impressed by the level of contact analysts have with senior managers . In my summer placement with Flexible Asset Management, I found I learnt a lot from contact with the firm’s director. I would like this to continue into my graduate career.”
    • 29. CVs
      • Do they specify a 1 page CV?
      • American banks generally expect 1-page.
      • Call European banks to ask which they’d prefer, but often either will do.
    • 30. Tips from Standard Chartered’s Graduate Recruiters…
      • “ Commercial sense is vital.  We will ask questions about things like customer care, how would you invest £1K etc to make sure that you have a sense of what makes a business run.  Don’t just read the FT.  Also read around the current topics via the Economist, Business pages in the Broadsheets etc. to get more than one side of the story.”
      • “ If you are given an opportunity to sell yourself, then take it.  We have 3 questions on our form, the third of which asks you to tell us anything else that you want us to know in support of your application.  Loads of people leave this blank and this is a real missed opportunity.”
    • 31. Other tips…
      • Where possible get an internship whilst at university. These are available in the winter / summer of your penultimate year. If you can’t get one in an investment bank try and get one in a retail bank.
    • 32. How we can help?
      • CV checks tomorrow for finance: library Pod 1
      • FB 115 6-7.30pm Panel Talk, Q&A, Drinks
      • CV & Application form checks & workshops
      • Careers Group employer events & courses
      • www.careers.lon.ac.uk
    • 33. Queen Mary Careers Service WG3 Queens Building – 020 7882 5065 Opening times : Monday-Thursday 10.30am-5pm Friday 10.30am-4pm Drop-in sessions : Monday-Thursday 10.30am-12.30pm 2.00pm-4.30pm Part of www.careers.qmul.ac.uk